When it comes to valuing your marital estate, your Fairfield County family lawyer will need to look at a variety of financial information from your household including personal financial statements and tax returns. One important source of information for this purpose is any loan applications you or your spouse have completed during the course of your marriage.
How Are Loan Applications Used By a Fairfield County Family Lawyer?
When applying for any loan through a bank or lender, they will usually require you to provide a balance sheet and income statement describing your finances. This is because the bank will be looking to see what the prospects of getting the loan paid back are and how they should try to secure the loan. They will want to see an income statement to determine if you as the borrower have adequate cash flow.
Because loan applicants are highly motivated to put forth the best possible picture of their financial situation, loan applications are a valuable source of information for a Fairfield County family lawyer in valuing a marital estate. Applicants tend to disclose all their assets and assign accurate values to them in order to paint the best financial picture; they might even be prone to overstating the values of some assets. By contrast, couples in a divorce are sometimes prone to undervaluing or understating their assets because they don’t want them to be included in the marital estate and subject to division.
If you have questions about how your marital estate will be valued in a divorce, call a Fairfield County family law office. Call Gary Mitchell at 888-452-1846.